1, high beta investment and alpha investment in stock investment: the former refers to the selection of stocks with volatility greater than the broader market for investment; Alpha refers to the stock whose investment income can be greater than that of the broader market. By shorting stock index futures, it can hedge the systemic risk of individual stocks and pursue alpha returns.

2. Stock is the ownership certificate issued by the joint-stock company, and it is a kind of valuable securities issued by the joint-stock company to all shareholders as the shareholding certificate for obtaining dividends and bonuses. Each share represents the shareholder's ownership of the basic unit of the enterprise. Behind every stock is a listed company. At the same time, every listed company will issue shares.